Procter & Gamble, the US’ biggest advertiser, is cutting the amount of money it spends on US TV advertising.

The group said that is was sharply reducing the amount of money it pays in advance for the ads during a negotiation period known as “the upfront”.

David McCracken, spokesman for P&G said: “This upfront process is only a prediction of our needs of the individual brands. It’s never actually what happens.”